The world of analytics and business intelligence is changing. The explosion of size, scale, and variability of data mean that companies can no longer afford to rely on outdated tools to cope with increasingly complex data. The best ideas today won’t come from two-dimensional row and column analytics and business intelligence tools locked in functional silos. Instead, smart, visual, and communally found insights are the future of decision-making. Those who can be the best—and fastest—at that cross-functional decision-making, innovation, and execution will be the new market leaders.
From Data Storage To Data Stories
Business Intelligence is the act of pulling raw data and then interpreting and analyzing that data to make business decisions. Historically, this has meant extract, transform, load (ETL): a time-consuming and often boring process for joining disparate data sets. Today, companies are using BI real-time to leverage disparate data sources, from all functional areas, including sales, customer service, marketing, operations, finance, and compliance. Profound improvements in data visualization increase comprehension and adoption of data’s message faster than ever.
The future of analytics and business intelligence will call for even more acceleration of interpretation, with intelligence and machine learning built into every BI platform. Leaders like Trifacta are already building intelligence into their products, leading to analytics processes that are up to 90% faster than traditional processes.
Analytics and Business Intelligence for All
In the past, many business teams relied heavily on expensive and often scarce IT resources for manipulation of data, with little feedback from other units on timing. Now, it’s possible for everyone to interact with the data warehouse, regardless of technical skills. Nimbleness is replacing over centralized, expensive cost centers, and the wisdom of teams is prevailing functional silos. The best analytics and business intelligence tools now provide a much-needed link between complex, distinct data sets; the languages and platforms that support them; and the people and programs that analyze them.
Tools that empower everyone to engage with data in new ways enable innovation. Still, while decentralizing information analysis encourages knowledge sharing and ideation, data consistency must be preserved to transmit knowledge throughout an organization, whether in one office or twenty. Modern analytics and business intelligence tools can do it all.
Executing New Analytics and Business Intelligence Initiatives
The key to executing new analytics and business intelligence initiatives is faster, more agile data manipulation. Organizational cross-pollination can lead to new insights while still maintaining governance and security regardless of department, industry, business model, or sector.
Data is quickly becoming a company’s number one asset, and data science will only increase in importance. Tools like Trifacta put decision-making back into the hands of those tasked with making decisions, allowing companies to sail past the competition and improve their bottom line.